Clay at a glance
- Population: 375 people, the 169th-largest place among West Virginia's 230 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 396 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: down roughly 5.3% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among West Virginia places: 169th-largest of 230 (US Census Bureau, Vintage 2023 estimate).
- Size percentile: roughly 27% of West Virginia's places have fewer residents (US Census Bureau).
- Coordinates: it sits at 38.4615, -81.0849 in the US Census Bureau Gazetteer.
- Nearest larger cities: Clendenin, WV (15 mi); Summersville, WV (18 mi); Gauley Bridge, WV (21 mi); Gassaway, WV (22 mi); Ansted, WV (23 mi); each population is a US Census Bureau estimate.
- Smaller places nearby: Handley, WV (24 mi); Camden-on-Gauley, WV (27 mi); Flatwoods, WV (29 mi), per US Census Bureau estimates.
What a personal loan costs in Clay
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
Your credit, income and existing debts drive the rate a lender offers, while the term you pick sets how much interest builds on top.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
West Virginia lending rules that apply in Clay
Read the table as the compliance picture for a lender serving Clay: label, sourced figure, publisher and date.
| Rule | Detail | Source |
|---|---|---|
| Maximum legal interest rate (usury cap) | 31% per year on unsecured loans of $3,500 or less; 27% on $3,500–$15,000; 18% above $15,000 (W. Va. Code § 46A-4-107) Source says: the loan finance charge, calculated according to the actuarial method, may not exceed 31 percent per year | West Virginia Legislature (West Virginia Code) as of 2026-09-16 |
| Payday lending status | Traditional payday lending is generally prohibited; check cashers are regulated under W. Va. Code ch. 32A Source says: Traditional "Payday Lenders" are generally prohibited within this state. | West Virginia Division of Financial Institutions (WV DFI) as of 2026-09-16 |
| Small-loan / installment lender licensing | Regulated consumer lender license required from the Commissioner (W. Va. Code § 46A-4-101) Source says: Unless a person has first obtained a license from the commissioner authorizing the person to make regulated consumer loans | West Virginia Legislature (West Virginia Code) as of 2026-09-16 |
| State lending regulator | West Virginia Division of Financial Institutions (WV DFI) Source says: The West Virginia Division of Financial Institutions is charged with the regulation and supervision of financial institutions chartered by the State of West Virginia. | West Virginia Division of Financial Institutions (WV DFI) as of 2026-09-16 |
How to compare offers in Clay
Here is a short checklist for comparing personal loans in Clay:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in West Virginia using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.